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“Non-destructive testing and inspection market expected to grow at a CAGR of 7.83% during the forecast period”

The non-destructive testing (NDT) and inspection market is expected to be valued at USD 12.06 billion by 2023, growing at a CAGR of 7.83% between 2017 and 2023. A key influencing factor for the growth of the market is stringent government safety regulations for maintaining product quality and safety within an industrial environment. Large-scale infra projects in emerging countries are likely to create opportunities for the players in the market.

“Market for the ultrasonic testing is expected to grow rapidly in the near future”

The ultrasonic testing technique is expected to grow rapidly during the forecast period between 2017 and 2023. The adoption of advanced UT techniques in the oil and gas industry for identifying faults drives the NDT market growth. The market for ultrasonic testing is estimated to rise by 2023 with the increased demand for NDT equipment in the manufacturing of aircraft and automobiles. The increasing demand for energy production in the power generation vertical would lead to high demand for NDT products during the forecast period.

“APAC to be the fastest-growing market for non-destructive testing and inspection”

The market in APAC is expected to grow at a high CAGR during the forecast period. The growth is attributed to several infrastructure projects that are under construction between 2017 and 2023 and increasing manufacturing vertical in APAC. The market in India is expected to grow at the highest CAGR between 2017 and 2023. The construction of new power plants to meet the growing demand for energy is expected to be the key factor for the growth of the NDT market in APAC.

Break-up of profiles of primary participants for the report is given below:

This report has been segmented into technique, method, service, vertical, and geography of the NDT market have been covered. It also discusses the key drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across four main regions: North America, Europe, APAC, and RoW (comprising South America, the Middle East, and Africa).

Reasons to Buy the Report:

This report includes the market statistics pertaining to technique, methods, service, vertical, and geography.

Major drivers, restraints, opportunities, and challenges for the NDT market have been detailed in this report.

Illustrative segmentation, analyses, and forecast have been conducted for the market based on the technique, method, service, vertical, and geography to give an overall view of the non-destructive testing market.

6 Industry Trends6.1 Introduction6.2 Value Chain Analysis6.3 Emerging Trends: Non-Destructive Testing Equipment Industry6.3.1 Using Combination of Techniques6.3.2 Development of New Materials to Refurbish the Market6.3.3 Increased Customer Expectations6.4 Regulations and Standards Related to NDT6.5 Leading Associations for NDT6.5.1 American Society for NDT6.5.2 British Institute of Non-Destructive Testing6.5.3 Astm International

Figure 1 Non-Destructive Testing Market: Process Flow of Market Size EstimationFigure 2 Research Design: Non-Destructive Testing MarketFigure 3 Market Size Estimation Meth0dology: Bottom-Up ApproachFigure 4 Market Size Estimation Meth0dology: Top-Down ApproachFigure 5 Data TriangulationFigure 6 Assumptions of the Research StudyFigure 7 Ultrasonic Testing Technique to Hold the Largest Market Size By 2023Figure 8 NDT Market for Manufacturing Vertical to Exhibit Highest CAGR During 2017-2023Figure 9 Inspection Services to Account for of the Largest Size of the NDT Market for Services During the Forecast PeriodFigure 10 North America Accounted for the Largest Share of the Overall NDT Market in 2016Figure 11 Significant Growth Opportunities for NDT Market Between 2017 and 2023Figure 12 Inspection Services to Account for the Largest Market Size During the Forecast PeriodFigure 13 China Held the Largest Market Share in APAC in 2016Figure 14 US Accounted for the Largest Market ShareFigure 15 Ultrasonic Testing to Be the Most Preferred NDT Technique Between 2017 and 2023Figure 16 Non-Destructive Testing Methods: EvolutionFigure 17 Increasing Demand for Corrosion Inspection Drives the Non-Destructive Testing Market During 2017-2023Figure 18 Major Applications of NDTFigure 19 Value Chain Analysis: NDT MarketFigure 20 NDT Services Expected to Hold A Major Share of the NDT Market During the Forecast PeriodFigure 21 NDT Market Expected to Be Led By UT Technique During the Forecast PeriodFigure 22 Oil & Gas Vertical to Hold the Largest Market Size for UT Technique By 2023Figure 23 North America to Hold the Largest Size of the NDT Market for VT During the Forecast PeriodFigure 24 Oil and Gas Vertical Expected to Be Hold the Largest Market Size During the Forecast PeriodFigure 25 North America to Hold the Largest Size of the NDT Market for LPT During the Forecast PeriodFigure 26 North America Expected to Hold the Largest Size of the NDT Market for ECT During 2017-2023Figure 27 Volumetric Inspection Method Expected to Dominate the NDT Market Between 2017 and 2023Figure 28 Inspection Services Expected to Account for Largest Share of the NDT Services Market By 2023Figure 29 Power Generation Vertical Expected to Hold the Largest Size of the NDT Market By 2023Figure 30 North America to Hold the Largest Size of the NDT Market for Power Generation Vertical By 2023Figure 31 India to Be the Fastest-Growing Region in the Non-Destructive Testing During 2017-2023Figure 32 Attractive Opportunities in the Manufacturing Vertical During the Forecast PeriodFigure 33 Geographic Snapshot in North America, 2016Figure 34 Germany Accounted for Largest Share in Europe in 2016Figure 35 Geographic Snapshot in APAC, 2016Figure 36 Geographic Snapshot in RoW, 2016Figure 37 Leading Companies in the Non-Destructive Testing and Inspection Market Majorly Adopted Organic Strategies of Product Launches and Expansions Between 2014 and 2017Figure 38 Competitive Leadership MappingFigure 39 Business Strategy ExcellenceFigure 40 Strength of Product PortfolioFigure 41 Battle for Market Share: Product Launches Was the Key Strategy During 2014-2017Figure 42 Geographic Revenue Mix of Top PlayersFigure 43 General Electric: Company SnapshotFigure 44 Mistras Group Inc.: Company SnapshotFigure 45 Olympus Corporation: Company Snapshot

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The non-destructive testing (NDT) market is expected to be worth USD 12.06 Billion by 2023, growing at a CAGR of 7.83% between 2017 and 2023. NDT can determine discontinuities and differences in material characteristics. Some of the techniques used for NDT are ultrasonic testing, electromagnetic testing, leak testing, radiographic testing, liquid penetrant testing, and eddy current testing. NDT has its applications in various industries such as manufacturing, aerospace, automotive, oil and gas, infrastructure, and power generation. The report delivers a description of each of the application areas of non-destructive testing. The market within this study has been classified on the basis of NDT techniques, NDT services, and NDT verticals.

The ultrasonic testing segment is expected to hold the largest market share between 2017 and 2023. Ultrasonic testing uses high-frequency sound waves to detect flaws or variations in properties of the materials. The ultrasonic testing is used to determine the thickness and detect the depth of internal flaws of metallic and non-metallic materials. Ultrasonic rays have a high penetrating power, sensitivity, and accuracy; also, they are non-hazardous. Other techniques such as terahertz imaging and near-infrared spectroscopy have niche applications and the market for the same is expected to grow at the highest CAGR between 2017 and 2023.

Inspection services accounted for the largest market share in 2016. The need for regular inspection and maintenance of the equipment in the oil and gas industry vertical leads to the growing demand for NDT inspection services. Also, the booming automotive and manufacturing verticals in the APAC region are the major drivers for the growing NDT market for inspection services. The market for training services is expected to grow at highest CAGR between 2017 and 2023. The lack of skilled and qualified technicians and the need to upgrade the skills of existing technicians is one of the drivers for the growth of the NDT market for training services.

The oil and gas vertical accounted for the largest market share in 2016. The demand for testing in this sector is largely driven by the mandates pertaining to the safety and environmental regulations by various governments to extend the asset‘s life and productivity, minimize repair cost, manage risks, and avoid catastrophic disasters, and other accidents. The market for the manufacturing vertical is expected to grow at the highest rate between 2017 and 2023. High investment in various projects such as Make in India by the Indian Government, a high-tech strategy of the German Government Industries 4.0 are expected to uplift the manufacturing vertical during the forecast period.

North America held the largest share of the NDT market in 2016, and it is expected to grow at a moderate CAGR between 2017 and 2023. The market in APAC is estimated to grow at the highest rate during the forecast period. The demand for non-destructive testing in the APAC region is expected to be driven by increasing infrastructure projects and power plants.

There are few restraints for this market such as the high cost of automated NDT equipment and the lack of skilled and qualified personnel. The setup cost is high for automated equipment; as a result of which, many small-scale organizations use simple inspection systems that might not be as reliable as the automated ones. Also, the lack of awareness about new technologies and less number of training centers are hampering the NDT market.

General Electric Company (US) is the world’s largest clustered organization that offers a diversified product portfolio. The company has developed innovative products catering to the non-destructive testing market. GE offers radiographic, ultrasonic, and eddy current testing equipment. Also, it provides remote visual inspection instruments and NDT software in the market.